Zachary Horwitz, known in Hollywood as actor Zach Avery, has been arrested for allegedly running a multi-million dollar Ponzi scheme disguised as an investment to acquire licensing rights to films for distribution abroad.
Horwitz, 34, was arrested by special agents with the FBI on Tuesday, April 6 and charged with wire fraud, the U.S. Attorney’s Office for the Central District of California confirmed in a press release. He has been accused of seeking investment for his company, 1inMM Capital LLC, under the guise of purchasing foreign regional distribution rights to films, which he would subsequently license to platforms like Netflix and HBO, the press release explained, citing an affidavit in support of a criminal complaint.
Instead, Horwitz has allegedly defaulted on $227 million worth of promissory notes transferred by private investment firms to his 1inMM Capital since late 2018, according to the press release, citing the affidavit. He has also been accused of allegedly using some of the money to purchase his $6 million home.